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Canadian Orebodies Closes First Tranche of Non-Brokered Private Placement

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Canadian Orebodies Closes First Tranche of Non-Brokered Private Placement






Canadian Orebodies Inc. (TSX-V:CORE) is pleased to announce that it has closed the first tranche of the previously announced non-brokered private placement raising gross proceeds of $1,689,249.90 through the sale of 5,042,537 flow-through shares  of the Company at a price of $0.335 per FT Share.



The Company paid cash finders’ fees of $45,120 and issued 152,552 finders warrants on the closing of the first tranche. Each Finders Warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.335 per share for a period of 18 months from the date of issuance.



The proceeds of the Financing will be used for the exploration and advancement of the Company’s Hemlo area properties. All FT Shares and Finders Warrants issued in connection with the Financing are subject to a four month hold period expiring on October 16, 2018. Closing of the Financing is conditional upon the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange.



The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, a U.S. Person (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or to, or for the account or benefit of, any U.S. Person, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.



About Canadian Orebodies Inc.



Canadian Orebodies is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. Canadian Orebodies is focused on generating shareholder value through the advancement of its three Hemlo area properties: Wire Lake, Black Raven and the North Limb.


Posted June 18, 2018

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